Strong food sales help drive up Q1 comps for BJ's Wholesale Club

WESTBOROUGH, Mass. — BJ’s Wholesale Club reported net income of $33.7 million, or 62 cents per diluted share, for the first quarter ended April 30.

Results for first quarter 2011 exceeded the company’s guidance for net income in the range of $29.5 million to $31.5 million, or 54 cents to 58 cents per diluted share.

BJ’s president and CEO, Laura Sen, said, “BJ’s is off to a great start in 2011. Our stronger-than-expected performance for the first three months of 2011 reflects net sales above plan, continued margin expansion and excellent cost control. I am very proud of our team members in the field, distribution centers and home office for delivering another great quarter.”

Net sales for first quarter 2011 increased by 10% to $2.77 billion, and comparable-club sales increased by 6.3%, including a contribution from gasoline sales of 3.9%. Merchandise comparable-club sales excluding gasoline increased by 2.4%.

For the year ending Jan. 28, 2012, the company now expects to report net income in the range of $147 million to $157 million and earnings per diluted share in the range of $2.68 to $2.88. For the second quarter ending July 30, the company expects to report net income in the range of $40.5 million to $42.5 million and earnings per diluted share in the range of 74 cents to 78 cents.